Trade Alert 4/18/2024

We are closing the covered LEAPS strategy in QQQ for a profit. The short-term puts are ITM with expiration tomorrow. If we finish here or lower, then buying them back would be expensive and actually raise our cost basis and overall risk. So, we think it makes sense to exit and take our gains. Also we own some put spread hedges in SPY into May. So, if the market continues lower, we have something that can gain further trading profits. While this is a nice profit of +$510 overall. We also have a losing QQQ butterfly that we entered into in January that will expire OTM this week for a loss of -$375. So the net result isn’t as big of a profit between the two trades. Sell to close:  QQQ Dec 18th, 2026 (monthly) 450.00 strike put Buy to close: QQQ April 19th, 2024 (monthly) 428.00 strike put Credit:  50.10 This is a profit of +$510 per spread traded. We have the following covered calls likely to expire OTM for a profit tomorrow but we will monitor and update: BKR April 19th – 36.00 strike calls CVS April 19th – 85.00 strike calls CVX April 19th – 165.00 strike calls DELL April 19th – 120.00 strike calls DIS April 19th – 125.00 strike calls GM April 19th – 43.00 strike calls SNOW April 19th – 190.00 strike calls SNOW April 19th – 220.00 strike calls WBA April 19th – 27.50 strike calls Z April 19th – 70.00 strike calls We have the following spreads that are unlikely to need adjustment/exit but we will monitor and update: AMGN April 270/267.50 put spread DELL April 110/100 1×2 put spread DKNG April 40/35 1×2 put spread QQQ April 390/360/330 put butterfly SNOW April 175/185 1×2 call spread